U.S.-European carmaker Stellantis has reported a 37% boost in earnings in the first half of the year
FILE - People look at the charging technology from the Jeep Wrangler 4xe at the Stellantis booth during the CES tech show Thursday, Jan. 6, 2022, in Las Vegas. Stellantis says it will build a second U.S. electric vehicle battery factory in a joint venture with Samsung. The automaker didn't disclose the location but says in a statement Monday, July 24, 2023, that it signed a memorandum of understanding with Samsung SDI under its existing joint venture called StarPlus Energy. (AP Photo/Joe Buglewicz, File)
The Associated Press
MILAN -- U.S.-European carmaker Stellantis on Wednesday reported a 37% boost in earnings in the first half of the year, driven by strong North America income and an increase in electric vehicle sales in Europe.
Profit in the first six months of the year was 10.9 billion euros ($12.07 billion), compared with 7.96 billion euros in the first half of 2022. The carmaker set record net revenue in the first six months of the year of 98.4 billion euros, up 12% over a year earlier. It came as shipments rose to 3.327 million vehicles from 3.033 million.
CEO Carlo Tavares called the first-half performance “outstanding,” saying that it “supports our long-term stability.”
Sales of all-electric vehicles rose by 24% to 169,000 vehicles as Stellantis became the third-largest producer of EVs in Europe, led by the Fiat New 500, Open Mokka and Citroen Berlingo.
Stellantis has 25 electric vehicles on the market and is launching another 23 by the end of next year.
North America accounted for 57% of adjusted operating income and nearly half of company revenue, boosted by higher sales of Chrysler Pacifica, Dodge Charger and Durango.
Stellantis was formed in 2021 from the merger of French carmaker PSA Peugeot and the Italian-American conglomerate Fiat Chrysler Automobiles.
